Spot gold was down 0.6% at $1,864.58 per ounce, as of 0311 GMT, its lowest since June 4.
However, Fed officials have repeatedly said that inflation would be transitory and expect monetary stimulus would stay in place for some time.
Focus now shifts to the Fed’s June 15-16 meeting for further clarity on the policymakers’ view on rising inflation and monetary policy going forward.
Morgan Stanley in its research note on Friday said it expects the Fed at its upcoming policy meeting to lay the groundwork for increased flexibility on its quantitative easing program by “talking about talking about tapering”.
Elsewhere, silver slipped 0.3% to $27.80 per ounce, palladium eased 0.2% to $2,771.31, while platinum dipped 0.6% to $1,143.71.
”, Stephen Innes, Morgan Stanley, Brijesh Patel, Sherry Jacob, Phillips